Bitcoin exchange supply sees biggest one-day increase since March 2020
Bitcoin (BTC) exchanges have seen huge volumes this month as price drops lead to renewed interest in trading.
Data from sources, including the chain analysis firm Glassnode, show that stock market inflows have reached their highest level since March 2020.
“The scent of volatility is in the air”
On September 14th, over 236,000 BTC made its way to the 1 major exchanges tracked by Glassnode.
This was the biggest one-day rise since the chaos that surrounded Bitcoin’s fall to just $3,600 in March 2020.
The sales in May 2021 and May and June this year failed to match the numbers, suggesting that more of the Bitcoin investor base are currently aiming to reduce exposure.
Separate data from the analysis firm Santiment covers both centralized and decentralized exchanges put the total inflow figure for the week through September 13 at 1.69 million BTC.
“This was the highest amount of $BTC moved since October 2021,” it added in Twitter comments.
Meanwhile, as BTC/USD fell to near $19,600 this week, there were some “unusual” signals from interactions with exchanges from both major and minor hodlers, according to commentator David P. Ellis.
Killer whales threw up 11.8,000 coins, but minnows returned tens of thousands, presumably because altars are beginning to crumble. Exchange flows were tame today for the first day in three, but volume was still well above average. The smell of volatility is in the air.
Go #BTC . pic.twitter.com/ltSWkrb2QK
— David P. Ellis (@DavidPBitcoin) 16 September 2022
The plot follows the strange movement of long-dormant coins in early September, an event originally attributed to the now-defunct exchange Mt. Gox.
Miners are slowing BTC sales
Returning to the trading platforms themselves, Glassnode indicates that currency balances have increased by approximately 80,000 BTC since the end of August.
Related: Bitcoin price threatens $19.6K as Ray Dalio predicts 30% stock crash
Miners, as in August ended a “capitulation period” in a typically bullish sign for the market, has also continued to sell stakes in recent weeks.
However, the trend is towards miners going back to net hoarding BTC that they earn.
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